Creating a will isn’t a one-and-done process. You’ll likely make many wills throughout your life to ensure that your assets and wishes are up to date by the time you pass away. Without an updated will, many of your assets may be left without a beneficiary in mind and some heirs may be left out altogether.
However, people often wonder when the right time is to update their estate plans. Picking the right time to amend your will shouldn’t be complicated. As such, you should consider making changes to your estate plan during the following times:
Making changes yearly
People frequently update their wills yearly. This ensures that their estate plan is continually updated to include any changes that might have happened the previous year. There’s no right time to do this. Thus, you could update your will as a New Year’s resolution or on your birthday.
After having a child or grandchild
One of the biggest for many people is when they had their child or met their grandchild. It can be overwhelming to see a baby grow so quickly into an adult and, when the time comes, you may want to ensure they live comfortably or, at the very least, have something to remember you by when you pass away. In other words, you may want to alter your estate plan when you have a child or grandchild.
After a marriage or divorce
Another large event in people’s lives is marriage and divorce. Having a spouse added or removed from an estate plan is crucial for any future alterations. For example, you may want your spouse to inherit everything after marriage and any future investments or you may need to remove your ex-spouse after a divorce to ensure your loved ones inherits from you.
When was the last time you updated your estate plan? Have there been any life-changing events that might warrant an updated will? Then you may need to consider reaching out for legal help to ensure your estate plan is in order.